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By Kristin Myers, Editor-in-Chief

What's Happening Today

Good morning! It's Kristin with your daily morning digest.

In a sign of continued strength in the labor market, initial jobless claims, or the number of people filing for unemployment for the first time, fell last week to the lowest level since 1969, according to the latest release from the Department of Labor. Claims from those continuing to file for unemployment benefits also fell to the lowest level the country has seen since 1970.

The low claims support the Fed's argument for raising interest rates to combat rising inflation, which 78% of economists say will likely stay above pre-pandemic levels through 2023. New orders for durable goods, or big ticket items like appliances, furniture, and electronics, dropped 2.2% last month, the Census Bureau reported. The drop was steeper than anticipated, but not surprising as prices for goods and services are at multi-decade highs, discouraging major purchases.

Stocks are rising, buoyed by the strong jobless claims numbers and moves by world leaders to take stronger action against Russia for its attacks on Ukraine. President Joe Biden met with NATO (the North Atlantic Treaty Organization) leaders in Brussels, and the White House announced today that the U.S. will enact another round of sanctions, targeting over 300 Russian lawmakers.

- Kristin

Editors' Picks

New Unemployment Claims Drop to Fresh 52-Year Low (The Balance)

US To Sanction Over 300 Russian Elites and Block Russian Central Bank Gold (CNBC)

Brace for a Long Battle With Inflation, Economists Say (The Balance)

Wall Street Bets on Gym Chains' Getting Back in Shape (The Wall Street Journal)

How To Find and Get Small Business Grants (The Balance)

No-Appraisal Home Equity Loan: Does It Exist? (The Balance)

How Long Can You Contribute to a Roth IRA? (The Balance)

Off the Charts

You may finally find some relief at the pump this month. Gas prices declined slightly in most of the U.S., according to the latest data from the U.S. Energy Information Administration (EIA).

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Number of the Day

5.04% - That's how high the average 30-year mortgage rate got Wednesday—a milestone for a measure that was under 4% less than two months ago, our lender data shows.

Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten."